Customers of Public Service Company Oklahoma will see their monthly electric bill go up by $3.11 starting later this year under a proposed rate case settlement.
The utility announced Wednesday it reached a settlement which will allow it to offer Advanced Metering Infrastructure (AMI) for its customers.
Public Service of Oklahoma filed a request with the Oklahoma Corporation Commission (OCC) for a base rate increase of $45 million in January 2014.
The settlement gives PSO an increase of $24 million with most going toward the replacement of existing electric meters with new AMI meters by the fourth quarter of 2016.
PSO said new rate plans and energy management information made possible through smart meters will help offset the cost of the new meters. In a news release, PSO said "customers' quality of electric service will improve through enhanced outage restoration capability, electronic reading of meters, remote connections and disconnections, and virtual elimination of estimated meter readings."
The settlement must still be approved by the OCC. If approved, the hike will show up for residential PSO customers beginning with the first billing cycle in November 2014.